UAE central bank projects GDP growth rising to 4.3% in 2024

UAE central bank projects GDP growth rising to 4.3% in 2024

The Central Bank of the United Arab Emirates (CBUAE) has published its . The report projected the country’s annual real GDP growth will expand by 4.3 per cent in 2024. The review stated: “After three-quarters of high growth, the UAE’s economy maintained a solid footing in Q4 2022, reflecting a strong performance of both the oil and the non-oil sectors.” “For the whole year, growth is estimated at 7.6 per cent. In 2023, the CBUAE maintains its forecast unchanged at 3.9 per cent. While oil production is expected to moderate in line with the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output, even if at a more modest pace,” the report said. The central bank report further read: “Oil production averaged 3.1 million barrels per day in Q4 and the UAE hydrocarbon GDP is estimated to have grown by 10 per cent Y-o-Y, in line with the OPEC+ agreements (10.1 per cent for 2022).” Following the robust growth in the previous quarter, the non-oil sector is estimated to have grown at a similar pace in Q4 2022. Non-oil GDP growth for 2022 was estimated at 6.6 per cent, the central bank report mentioned. The central